Squawk on the Street SOTS 2nd Hour: Trump vs. Powell - Yellen Comments, Market Takeaways, & What Comes Next 1/12/26
Jan 12, 2026
Harley Finkelstein, President of Shopify, discusses how new AI commerce features will revolutionize online shopping, highlighting transformative partnerships. Jason Furman, former Chair of the Council of Economic Advisers, critiques the DOJ investigation into Fed Chair Powell, warning of its damaging effects on inflation and economic policy. Cameron Bready, CEO of Global Payments, shares insights on the strategic integration of the WorldPay acquisition, emphasizing growth synergies in the payments landscape.
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DOJ Probe Threatens Fed Independence
- Janet Yellen says the DOJ probe into Jay Powell is "extremely chilling" for Federal Reserve independence.
- She warns politicizing the Fed risks monetizing debt and hyperinflation seen in Argentina, Turkey, and Venezuela.
Subpoenas Center On Powell's Senate Testimony
- Jay Powell called DOJ subpoenas a threat to central bank independence and said they relate to his Senate testimony on Fed construction costs.
- The subpoenas raise questions about materiality and whether he knowingly lied to Congress.
Market Reaction Was Tepid, Diversify Globally
- Markets reacted modestly: dollar slightly weaker, gold up ~2%, and international markets outperforming.
- Keith Lerner says this argues for more global diversification and a modest gold allocation.